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4-Traders Homepage  >  Equities  >  Bolsa de Madrid  >  Gamesa Corporacion Tecnologica SA    GAM   ES0143416115

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Gamesa Corporacion Tecnologica SA : Gamesa provides a preview of its 2012 results*, in line with its 2013-2015 Business Plan

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02/12/2013 | 07:32pm CEST
Gamesa provides a preview of its 2012 results*, in line with its 2013-2015 Business Plan
  • The company shores up its balance sheet in the net amount of 584 million euros

Gamesa this afternoon released a preview of its 2012 results, in line with the guidance the company provided the market on 25 October, illustrating Gamesa's progress on implementing its 2013-2015 Business Plan.

Recurring activity continue to underscore the soundness of Gamesa's business, with positive EBIT of €7M, meeting the targets previously issued to the market. In addition, sales at the end of 2012 totalled 2,119 MW, surpassing the company's target of 2,000 MW.

Gamesa also announced that it has strengthened its balance sheet in the net amount of 584 million euros. The purpose of this restructuring - previously announced to the market as a cornerstone of the new Business Plan - is to adjust the value of the company's assets, with a focus on two key areas. First, it aims to bring the balance sheet into line with the Business Plan (to include facility closures, changes in product strategy and staff restructuring). Second, it tailors the corporation to current market conditions (including industry-wide changes in demand, regulation in key markets and the need for provisioning).

"This was a year for prudence and responsibility, for aligning the balance sheet with our new 2013-2015 Business Plan and with the industry's performance," said Gamesa Chairman and CEO Ignacio Martín. "This one-off event is the foundation for recovery in our operating income in 2013."

2013 and beyond

Gamesa on 25 October released its 2013-2015 Business Plan, which is designed to enable it to weather the industry downturn, adapt its corporate structure to the prevailing climate and emerge a stronger company as one of the global leaders in the wind energy industry. Furthermore, the Plan aims to restore and maintain profitability, strengthen the balance sheet (reduce debt), focus on key markets and growth businesses and offer competitive technological solutions (new 2.5 MW and 5.5 MW turbine systems).

Meanwhile, the outlook for 2013 is encouraging and serves as an endorsement of Gamesa's revamped commercial positioning. Specifically, Gamesa ended 2012 with a portfolio of definitive contracts totalling 1,657 MW, with 571 MW signed in the fourth quarter alone, and has already covered 50% of its budgeted sales volume for 2013.

These figures illustrate the wind power sector's solid future in the medium and long term, which is underpinned by the industry's efficiency -- cost of energy -- and its contribution to solving energy systems' structural problems: energy dependence, price volatility, inefficient use of resources and environmental impact.

*Provisional financial figures, subject to completion of an external audit

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Financials (€)
Sales 2017 7 667 M
EBIT 2017 772 M
Net income 2017 592 M
Finance 2017 169 M
Yield 2017 1,36%
P/E ratio 2017 18,20
P/E ratio 2018 17,23
EV / Sales 2017 1,74x
EV / Sales 2018 1,55x
Capitalization 13 510 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 22,2 €
Spread / Average Target 12%
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Managers
NameTitle
Ignacio Martín San Vicente Executive Chairman & Chief Executive Officer
Ignacio Artázcoz Barrena Chief Financial Officer
Juan Luis Arregui Ciarsolo Deputy Chairman
Carlos Emilio Rodríguez-Quiroga Menendez Secretary, Executive Director & Legal Counsel
Luis Lada Díaz Independent Director
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Sector and Competitors
1st jan.Capitalization (M$)
GAMESA CORPORACION TEC..2.93%14 717
VESTAS WIND SYSTEMS A/..27.02%19 079
XINJIANG GOLDWIND SCIE..--.--%5 600
TITAN WIND ENERGY (SUZ..--.--%1 833
SUZLON ENERGY LTD48.01%1 616
NANFANG VENTILATOR CO ..--.--%1 023
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